Elliott Wave framework highlights S&P 500 bullish impulse [Video]
By: bitcoin ethereum news|2025/05/09 12:15:01
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The S&P 500 ($SPX) has shown significant correction since its peak on February 17, 2025, before a tariff announcement. We propose that the corrective phase, labeled as wave (II), concluded at 4823. However, for the index to confirm the end of this correction and rule out a potential double correction, it must surpass the prior wave (I) high of 6147.43. Since the wave (II) low, the SPX has embarked on an upward trajectory, characterized as a nesting impulse—a pattern where waves build momentum in a structured, upward climb. From the wave (II) low, the rally began with wave 1 peaking at 5246.57, followed by a pullback in wave 2 to 4910.42. The index then surged in wave 3, which is unfolding in a five-wave impulse pattern on a smaller degree. Within wave 3, the first sub-wave ((i)) reached 5456.9, with a dip in wave ((ii)) to 5101.63. The index climbed again in wave ((iii)) to 5700.7, followed by a minor pullback in wave ((iv)) to 5578.64. We anticipate the index will extend higher to complete wave ((v)) of 3, followed by a wave 4 correction. Then the Index should do one final push to finish wave 5 of (1). After this, a broader correction from the April 7, 2025 low is expected in wave (2) before the uptrend resumes. As long as the 4823.5 pivot holds, any near-term pullbacks should find support in a 3, 7, or 11-swing pattern, paving the way for further gains. This analysis, rooted in Elliott Wave theory, suggests a bullish outlook for the SPX in the near term, provided key support levels remain intact. S&P 500 60 minute Elliott Wave chart SPX Elliott Wave [Video] Source: https://www.fxstreet.com/news/elliott-wave-framework-highlights-sp-500-bullish-impulse-video-202505090319
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